Peter Brandt, a veteran trader and longtime critic of Ripple, has said the digital currency is a security, but he will still invest in it if the conditions are right.
to the Report Youtoodi Peter Burnett, a trader who has spent more than four decades in the Commodity Exchange, still believes that Ripple is an unregistered security.
As Brent puts it, the uncertainty of regulators over this digital currency affiliated with Ripple could not prevent the veteran trader from investing in the digital currency “under the right circumstances.”
Brent, a longtime critic of Ripple, called on the government two weeks before the US Securities and Exchange Commission sued Ripple and its executives, including the XRP token and Ripple. Accused of manipulating the price of this controversial digital currency.
The US Securities and Exchange Commission claims that Ripple generated $ 1.38 billion in revenue through the illegal sale of XRP tokens and used its profits to raise funds for its business.
The US Securities and Exchange Commission went on to sue Brad Garlinghouse, the current CEO, and Chris Larsen, the company’s former CEO. Garlinghouse, once said to be in favor of long-term maintenance of digital currencies, has made $ 150 million from the sale of its XRP tokens. Larsen and his wife also pocketed $ 450 million.
The defendants claim that the US Stock Exchange Commission has polluted the water with its erratic approach to digital currency legislation. Ripple, which recently pressured the government to deliver documents related to bitcoin, Atrium and XRP tokens, continues to hope for a “fair information” defense.
Fair information refers to a law according to which no one should be forced to guess the meaning of a law. The law must be clear enough that anyone can properly understand what is allowed and what is forbidden.
Despite the troubling speech of William Hinman, a former senior US Securities and Exchange Commission official who said Atrium is not a securities institution, the government has not yet taken a position on Atrium’s legislative status.
Brent believes that Atrium is not a security because of its completely different structure.
Sources at the US Securities and Exchange Commission have apparently told Charles Gasparino, a Fox Business correspondent, that atrium is classified as a commodity because its ecosystem is pre-established.
However, Gary Gensler, chairman of the US Securities and Exchange Commission, told the New York Times that both Atrium and Ripple were in the securities category.